The United States consumes more energy per person than any other country in the world.
Answer the following statement true (T) or false (F)
True
Per person, the United States consumes 3.6 times the world average energy consumption. See Figure 19.2 in the textbook.
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When the economy is on operating beyond the natural rate of real output, efforts to bring inflation down with monetary policy will be ____ successful and efforts to stimulate the economy will be ____ successful
a. More; less b. More; more c. Less; less d. Less; more
The condition for profit-maximization for competitive firms and monopolies is the same: marginal revenue equals marginal cost. Hence, monopolies are efficient.
Answer the following statement true (T) or false (F)
John raises bees to pollinate his apple trees. One of the bees just stung him. This is a(n)
A) private cost. B) social cost. C) internality. D) common property.
According to the quantity theory of money, if velocity of money is constant, a 5 percent increase in money supply will lead to a 0.25 percent increase in nominal GDP
a. True b. False Indicate whether the statement is true or false